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Official guidance
Business Income Manual

BIM55500 · Farming: herd basis

  • BIM55501 · Farming: overview of the herd basis
  • BIM55505 · Farming: operation of herd basis: main rules
  • BIM55515 · Which rule to apply
  • BIM55520 · What constitutes a replacement
  • BIM55525 · What constitutes substantial reduction
  • BIM55530 · Initial cost of herd and cost of additions
  • BIM55535 · Replacements
  • BIM55540 · Disposal of whole or substantial part of herd without replacement
  • BIM55545 · Acquisition of new animals following a major disposal
  • BIM55550 · Minor disposals from the herd without replacement
  • BIM55555 · Identification of animals disposed of
  • BIM55560 · Tax avoidance: transfers not at market price
  • BIM55565 · Who can elect
  • BIM55570 · What animals are covered
  • BIM55575 · Immature animals
  • BIM55580 · `heafted' flocks of hill sheep
  • BIM55585 · Elections for the herd basis
  • BIM55590 · Class of herd
  • BIM55600 · Time limit for making election
  • BIM55605 · New right of election: compulsory slaughter
  • BIM55610 · New partnerships and changes in partnerships
  • BIM55615 · Change in purpose for which a herd is kept
  • BIM55620 · Notice by HMRC for delivery of information
  • BIM55625 · Adjustment of assessments
  • BIM55630 · Continuing effect of an election
  • BIM55635 · Shares in animals
  • BIM55640 · Share farming and the herd basis
  1. Farming: herd basis: contents
  2. Farming: herd basis: adjustment of assessments

BIM55625 | Farming: herd basis: adjustment of assessments

From HM Revenue & Customs · Business Income Manual

S129 Income Tax (Trading and Other Income) Act 2005, S127 Corporation Tax Act 2009

All such further assessments and repayments of tax may be made as are necessary to give effect to an election, notwithstanding that assessments for that period have become final and conclusive.

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